On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,404 cash. The new company, Concord Sales and Service, has the following transactions during January. 1. Pays $12,000 in advance for 3 months' rent of office, showroom, and repair space. 2. 3. 4. 5. Purchases 45 personal computers at a cost of $1,616 each, 11 graphics computers at a cost of $2,616 each, and 30 printers at a cost of $416 each, paying cash upon delivery. Sales, repair, and office employees earn $13,004 in salaries and wages during January, of which $3,404 was still payable at the end of January. Sells 35 personal computers at $2,666 each, 9 graphics computers for $3,716 each, and 20 printers for $616 each; $75,404 is received in cash in January, and $63,670 is sold on a deferred payment basis. Other operating expenses of $8,804 are incurred and paid for during January; $2,404 of incurred expenses are payable at January 31. (a) Using the transaction data above, prepare (1) a cash-basis income statement and (2) an accrual-basis income statement for the month of January. (Enter loss using either a negative sign preceding the number, e.g. -45 or parentheses e.g. (45).) CONCORD SALES AND SERVICE Income Statement (1) Cash Basis (2) Accrual Basis $